The IPO of Sejal Architectural Glass, a glass processing house, was subscribed 0.18 times on first day of its issue. The IPO received bids for 16.26 lakh shares (by 16:00 IST), as against 91.94 lakh shares on offer (As at 16:00 IST). The issue will close on 12 June 2008.

The price band for the IPO has been set at Rs 105 to Rs 115. The company proposes to list its equity shares on the National Stock Exchange and Bombay Stock Exchange.

The company will use proceedings from the IPO in setting up a new manufacturing for the production of float glass with an installed capacity of 2,00,750 metric tonnes (MT) per annum at Bharuch in Gujarat. The new production unit would start commercial operations in March 2009.

Presently, the company has processing facilities for insulating, toughened, laminated glasses and decorative glass.

Setting up of the greenfield project would be a step towards backward integration for the company and would enable it to control its cost and enhance the quality of glass used for value-added products and brands like Kool Glass, Armor Glass, Fort Glass and Tone Glass.

The company reported 27.80% rise in net profit to Rs 2.76 crore on 29.60% rise in net sales to Rs 38.24 crore in the year ended March 2007 over the year ended March 2006.